DOCSLIB.ORG

Annual Report 2015-2016

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2015-2016 ANNUAL REPORT 2015 - 2016 Annual Report 2015 - 2016 1 MESSAGE FROM THE DIRECTOR GENERAL 4 ECONOMIC ENVIRONMENT - The Cyprus Economy 7 - Major Εconomic Indicators 11 2 - Stock Market Developments 12 THE BANKING SECTOR - General Overview 15 - Banking Developments 16 3 - Financial Intermediation 18 - Bank Credit by Sector 19 - Credit and Debit Card Transactions 19 YEAR UNDER REVIEW - Recovery and Resolution of Credit Institutions 21 - Deposit Guarantee and Resolution of Credit Institutions Scheme 22 4 - Combatting Money Laundering and Terrorist Financing 23 - Auction spaces for the foreclosures of mortgaged real estate 25 - Implementation of the Common Reporting Standard in Cyprus 26 - Implementation of Intergovernmental Agreement of Cyprus – USA for FATCA 27 - Creation of a finance-facilitating Mechanism for SMEs that are provided grants through Schemes adopted by the Ministry of Energy Commerce, Industry and Tourism (MECIT) 27 - Electronic Payments 28 - Amendment of the Bank Account Switching Code 28 - New Legal Framework for Sale of Loans: The Sale of Credit Facilities and Related Matters Law of 2015 29 - IT Fraud-Cybercrime Committee 30 - New Department at the Association offering services on Human Resources and Training 31 - 54th, 55th, and 56th EBF-BCESA Meetings 31 - Financial Education – Cyprus pilots a new programme in primary schools 32 - Artemis Bank Information Systems Ltd 33 - ACB’s Training Activities 34 - Publications 35 THE ASSOCIATION - Background 37 5 - Our Mission 37 - Organizational Framework 38 - The Member Banks 39 - Association’s Events and Milestones in 2015 / 2016 42 3 1 Message from the Director General The year 2015 was marked by significant developments in the Cyprus bank- ing system as well as the economy. Despite the recent progress however, the problem of non-performing loans has not been eliminated, and it can be seen that greater cooperation is required by everyone, including borrowers. The Parliament has approved the legislation which relates to insolvency, fore- closures and the sale of loans, matters which directly affect the banking sector. Notwithstanding the Association’s views on particular aspects, we generally believe that these laws are effective tools, enabling banks to deal with difficult and sensitive matters, such as non-performing loans and loan restructurings. In order to further reform their portfolios and to promote loan restructurings, the banks have initiated the procedures to implement the new legislations. The banks have repeatedly reassured that they will not abuse the foreclosure tools for mortgaged residences. As stated by the Association of Cyprus Banks and the banks themselves, mass foreclosures would be counter-productive and against the interests of both the banks and the economy. Yet this measure, which has already been put into action, acts as a pressure lever against those who choose to default on their debts, despite having the economic means to repay them. As well as the implementation of the new legislation, banks have effectively proceeded with the restructuring of non-performing loans. According to the Central Bank of Cyprus, there has been a significant progress in this respect. Additionally, the banks have continued their effort towards regrouping, through improving their internal or- ganization and structure, as well as their balance sheets. In recognition of their efforts, foreign credit rating agencies have upgraded them. The Association of Cyprus Banks has supported the banks’ attempts to enhance the international credibility of our banking system and to boost the public’s confidence in the local financial system. It can be seen that the combined efforts made both by the banks and the Association have brought positive results. Nevertheless, our banks are still facing great challenges. Among these challenges are the imple- mentation of the new legislations and directives for the recovery and resolution of financial institutions, the restructuring of non-performing loans, the fight against money-laundering, the information exchange for combating tax evasion and the fight against cybercrime. These are some issues that the Association ad- dressed in the year to date and they are expected to continue to require attention from the banking sector. Annual Report 2015 - 2016 The improvement of the situation in the Cyprus economy certainly contributes towards tackling the chal- lenges more effectively. The resumption of positive growth, the successful conclusion of the macroeconomic adjustment program and the fact that unemployment has started to abate are noteworthy indicators that the economy is on the path of recovery. These developments have had a positive impact on the fiscal deficit (-1%) and on public debt (108,9% of GDP). Moreover, the positive results in the tourism sector and the recent gains in the real estate sector confirm that the economic prospects are improving. The successful conclusion of the three-year macroeconomic adjustment program enables our county to de- fine its economic policy more autonomously, while it sends a message that Cyprus is back on track. This positive development is significant as it creates the circumstances which will attract foreign investments and will enhance new sectors of business activity, building on both our competitive advantages and on emerging opportunities. In light of this, the exit from the macroeconomic adjustment program gives a further impetus to the efforts of the banks, which aim for a healthy economic environment where they will be better able to contribute towards the development of the country. At the same time, the constantly evolving international scene does not leave any room for complacency in the management of the economy or in the implementation of measures for the protection of the banking system. Taking all these developments into account, we are cautiously optimistic as far as the future of the banking sector and the economy in 2016 are concerned. We hope that the government and the new Parliament will have a fruitful cooperation for the continuation of the necessary reforms and legislative changes in economy. As the economy is recovering, both the modernization process and the institutional restructuring will have to continue more intensively in order for the economy to regain its path of sustainable growth. The Association of Cyprus Banks will continue its efforts to be a leading interlocutor on behalf of the private sector, assessing and forming proposals related to the economic, monetary and financial developments. 5 2 Economic Environment ECONOMIC ENVIRONMENT DISTRBUTION OF 2015 GDP % The Cyprus Economy In March 2016, Cyprus managed to successfully conclude its €10 billion three-year macroeconomic adjustment pro- gramme. Although the initial agreement with the IMF, European Commission and the European Central Bank was for a loan of €10 billion, Cyprus has only needed to draw €7.3bn of the available funds. Cyprus therefore becomes the fourth coun- try following Ireland, Spain and Portugal, to conclude a eurozone bailout. During the economic adjustment programme, Cyprus emerged from the recession, stabilized its financial sector, consolidated its public finances and regained access to international financial markets. Even though the external environment was challenging, the year 2015 marked the economy’s return to growth. After 14 successive quarters of contraction, growth turned positive in the first quarter of 2015 and has remained positive for all subsequent quarters of the year. Real GDP increased by 1.6% in 2015 and prospects remain positive for 2016. Nearly all economic sectors experienced recovery and contributed to positive growth in 2015. Growth was driven by both domestic and external demand, with assistance from low inflation, low oil prices and the depreciation of the euro against key currencies, especially the British pound. The professional services sector has proven to be resilient throughout the crisis years and performed soundly in 2015. New company registrations for the year 2015 have remained as a total at the same levels as 2014, however, the new company applications have picked up during the last quarter of 2015 and have continued to exhibit double-digit increases for the first months of 2016. Falling lending interest rates and prices have aided consumption, and the retail trade sector has grown throughout 2015. PERCENTAGE DISTRBUTION OF 2015 GDP Services including tourism 66% Manufacturing 5% Transport & Communications 11% Construction 3% Agriculture 2% Financial Intermediation 9% Others 4% Source: Statistical Service of Cyprus (provisional data for 2015) 7 Confidence, according to the Economic Sentiment Indicator (published by the Economics Research Centre of the University of Cyprus), is at high levels despite some short-lived setbacks related to developments in Greece. During the first three months of 2016 the economic sentiment indicator has remained higher than the EU average. As this indicator has been a good predictor of growth, it bodes well for the continuation of the recovery. Tourism has had a strong performance in 2015 after a weak 2014. Tourism revenue in 2015 marked an increase of 4.4% compared to revenue in 2014. Trends for 2016 are very positive and for the first two months of the year tourist arrivals increased by 23.9% compared to the same period in 2014. Prospects for 2016 remain promising due to steady growth in the UK and political instability shifting tourism from other competing destinations. The real estate sector, following a prolonged
Load more

Recommended publications
  • Independent Due Diligence of the Banking System of Cyprus
    PIMCO Europe Ltd 11 Baker Street London W1U 3AH England Tel: +44 20 3640 1000 Independent Due Diligence of the Banking System of Cyprus March 2013 Legal Disclaimer and Limiting Conditions This report sets forth information contemplated by the engagement of PIMCO Europe Ltd (together with its affiliates, “PIMCO”) by the Steering Committee (as defined herein) and is prepared in the form contemplated by the agreement between PIMCO Europe Ltd and the Central Bank of Cyprus (the “Agreement”). This report is intended to be read and used as a whole and not in parts. Separation or alteration of any section or page from the main body of this report is expressly forbidden. This report has been prepared exclusively for the Steering Committee. There are no third party beneficiaries with respect to this report, and PIMCO expressly disclaims any liability whatsoever (whether in contract, tort or otherwise) to any third party. PIMCO makes no representation or warranty (express or implied) to any third party in relation to this report. A decision by the Steering Committee to release this report to the public shall not constitute any permission, waiver or consent from PIMCO for any third party to rely on this report. Access to this report and its use by any third party implies acceptance by the third party of the terms and conditions contained in this section and other parts of this report. This report is, in all cases, subject to the limitations and other terms and conditions set forth herein and in the Agreement, in particular exclusions of liability. This report has been produced by using and in reliance on information furnished by third parties, including the Central Bank of Cyprus and the Participating Institutions to which this report relates.
    [Show full text]
  • Reconstructing a Reunited Cyprus
    Report-The day after-2 ENG:Layout 1 1/21/09 2:33 PM Page I The day after II Reconstructing a reunited Cyprus By PRAXOULA ANTONIADOU KYRIACOU ÖZLEM OĞUZ FIONA MULLEN PCC Paper 1/2009 Report-The day after-2 ENG:Layout 1 1/21/09 2:33 PM Page II Institutt for fredforskning International Peace Research Institute, Oslo (PRIO) Hausmanns gate 7, NO-0186 OSLO, Norway Tel. +47 22 54 77 00 Fax +47 22 54 77 01 Email: [email protected] Web: www.prio.no PRIO encourages its researchers and research affiliates to publish their work in peer-reviewed journals and book series, as well as in PRIOʼs own Report, Paper and Policy Brief series. In editing these series, we undertake a basic quality control, but PRIO does not as such have any view on political issues. We encourage our researchers actively to take part in public debates and give them full freedom of opinion. The responsibility and honour for the hypotheses, theories, findings and views expressed in our publications thus rests with the authors themselves. Disclaimer As a piece of independent research, the opinions and terminology contained in this report do not necessarily reflect the views of the British High Commission, which funded the research. Views and opinions expressed in this report are those of the authors and not of any companies or organizations with which they may have professional connections. © International Peace Research Institute, Oslo (PRIO), 2009 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or utilized in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without permission in writing from the copyright holder(s).
    [Show full text]
  • The Gordian Knot: American and British Policy Concerning the Cyprus Issue: 1952-1974
    THE GORDIAN KNOT: AMERICAN AND BRITISH POLICY CONCERNING THE CYPRUS ISSUE: 1952-1974 Michael M. Carver A Thesis Submitted to the Graduate College of Bowling Green State University in partial fulfillment of The requirements for the degree of MASTER OF ARTS May 2006 Committee: Dr. Douglas J. Forsyth, Advisor Dr. Gary R. Hess ii ABSTRACT Douglas J. Forsyth, Advisor This study examines the role of both the United States and Great Britain during a series of crises that plagued Cyprus from the mid 1950s until the 1974 invasion by Turkey that led to the takeover of approximately one-third of the island and its partition. Initially an ancient Greek colony, Cyprus was conquered by the Ottoman Empire in the late 16th century, which allowed the native peoples to take part in the island’s governance. But the idea of Cyprus’ reunification with the Greek mainland, known as enosis, remained a significant tenet to most Greek-Cypriots. The movement to make enosis a reality gained strength following the island’s occupation in 1878 by Great Britain. Cyprus was integrated into the British imperialist agenda until the end of the Second World War when American and Soviet hegemony supplanted European colonialism. Beginning in 1955, Cyprus became a battleground between British officials and terrorists of the pro-enosis EOKA group until 1959 when the independence of Cyprus was negotiated between Britain and the governments of Greece and Turkey. The United States remained largely absent during this period, but during the 1960s and 1970s came to play an increasingly assertive role whenever intercommunal fighting between the Greek and Turkish-Cypriot populations threatened to spill over into Greece and Turkey, and endanger the southeastern flank of NATO.
    [Show full text]
  • THE CYPRUS REVIEW a Journal of Social, Economic and Political Issues
    V O L U M E 2 2 N U M B E R 2 THE CYPRUS REVIEW A Journal of Social, Economic and Political Issues The Cyprus Review, a Journal of Social, Economic and Political Issues, P.O. Box 24005 1700 Nicosia, Cyprus. Telephone: 22-353702 ext 301, 22-841500 E-mail: [email protected] Telefax: 22-353682, 22-357481, www.unic.ac.cy To access site: > Research > UNic Publications Subscription Office: The Cyprus Review University of Nicosia 46 Makedonitissas Avenue 1700 Nicosia, Cyprus Copyright: © 2010 University of Nicosia, Cyprus. ISSN 1015-2881. All rights reserved. No restrictions on photo-copying. Quotations from The Cyprus Review are welcome, but acknowledgement of the source must be given. TCR Editorial Team Guest Editor: Costas M. Constantinou Editor in Chief: Hubert Faustmann Co-Editors: James Ker-Lindsay Craig Webster Book Reviews Editor: Olga Demetriou Managing Editor: Nicos Peristianis Assistant Editor: Christina McRoy EDITORIAL BOARD V O L U M E 2 2 N U M B E R 2 Costas M. Constantinou University of Nicosia, Cyprus Ayla Gürel Cyprus Centre of International Peace Research Institute, Oslo (PRIO) Maria Hadjipavlou University of Cyprus Mete Hatay Cyprus Centre of International Peace Research Institute, Oslo (PRIO) Yiannis E. Ioannou University of Cyprus Joseph Joseph University of Cyprus Michael Kammas Director General, Association of Cyprus Commercial Banks Erol Kaymak Political Science Association, Cyprus Diana Markides University of Cyprus Caesar Mavratsas University of Cyprus Farid Mirbagheri University of Nicosia, Cyprus Maria Roussou The Pedagogical Institute of Cyprus / Ministry of Education & Culture, Cyprus Nicos Trimikliniotis Centre for the Study of Migration, Inter-ethnic and Labour Relations/ University of Nicosia and PRIO Cyprus Centre INTERNATIONAL ADVISORY BOARD V O L U M E 2 2 N U M B E R 2 Peter Allen John T.A.
    [Show full text]
  • Eurobank Cyprus Ltd
    EUROBANK CYPRUS LTD INFORMATION ON INVESTMENT and ANCILLARY SERVICES IN FINANCIAL INSTRUMENTS MiFID Information Package 2019 Edition (effective 1st January 2019) Disclaimer: This document provides only general information. It does not constitute financial or legal or investment advice or research material and is not intended as such. It is recommended before engaging in any activity in Financial Instruments to obtain independent legal, tax or such other financial advice based on individual objectives. 1 IMPORTANT NOTICE DISCLAIMER This information document hereinafter referred to as «MiFID Information Package» is addressed to existing or potential customers of the Bank providing necessary information about the investment and related ancillary services for transactions in Financial Instruments provided by Eurobank Cyprus Limited (the Bank or Eurobank) and its affiliates. This document and the information provided herein should NOT be construed and/or considered and/or taken to constitute advice and/or solicitation and/or an offer or a recommendation or solicitation to enter into any transaction or buy or sell any Financial Instrument or to make any investment and/or as any other investment advice. The Bank, its affiliates, its officers and its employees are not in the business of providing tax or legal advice. Nothing contained herein is intended or written to be used, and cannot be used or relied upon, by any person as legal or tax advice. Consulting or receiving this MiFID Information Package does not create or constitute any legal relationship between Eurobank and the Customer and neither implements and/or warrants any duty or obligation on behalf of Eurobank towards the recipient of this MiFID Information Package for the provision of any Services, unless an Investment Services Agreement has been entered into.
    [Show full text]
  • Cypriots Make a Walk on the Banks, but Still Worry Government Awaits Troika Loan, Hopes Greek Ind
    S O C V ΓΡΑΦΕΙ ΤΗΝ ΙΣΤΟΡΙΑ Bringing the news W ΤΟΥ ΕΛΛΗΝΙΣΜΟΥ to generations of E ΑΠΟ ΤΟ 1915 The National Herald Greek- Americans N c v A wEEkly GrEEk-AmEriCAN PuBliCATiON www.thenationalherald.com VOL. 16, ISSUE 807 March 30-April 5, 2013 $1.50 Cypriots Make a Walk on The Banks, But Still Worry Government Awaits Troika Loan, Hopes Greek Ind. Calmness Emerges Day Talks By Andy Dabilis Aplenty in TNH Staff Writer ATHENS - After lining up calmly in queues instead of making a New York frantic dash for their cash when banks reopened after being closed for two weeks as the gov - By Constantine S. Sirigos ernment worked out a bailout TNH Staff Writer deal with international lenders, Cypriots nonetheless walked NEW YORK – The Archdiocesan away wondering what will come Cathedral of the Holy Trinity next for them. celebrated Greek Independence With tight restrictions on Day with three entertaining and withdrawals to prevent a run on informative lectures at the the banks, the government Cathedral Ballroom on March hoped that order would con - 25. The event, which was held tinue to prevail while it waits under the auspices of the Greek for a 10 billion euros ($13 bil - Consulate, followed a reception lion) rescue loan package from hosted at the Consulate by the the Troika of the European Consul General George Iliopou - Union-International Monetary los. Fund-European Central Bank The plight of Greece and (EU-IMF-ECB). Cyprus weighed heavily on the While uninsured depositors participants. Iliopoulos told with more than 100,000 euros guests at the
    [Show full text]
  • Fes Cyprus Newsletter Nr. 68 / January* 2018
    FES CYPRUS NEWSLETTER NR. 68 / JANUARY* 2018 Contents 1. Cyprus Problem ....................................................................................... 2 2. Hydrocarbons .......................................................................................... 4 3. Greek Cypriots ........................................................................................ 4 Economic Developments ........................................................................ 4 Domestic Developments ......................................................................... 5 Labour Relations and Trade Unions ........................................................ 6 4. Turkish Cypriots ...................................................................................... 7 Economic Developments ........................................................................ 7 Relations with Turkey ............................................................................. 8 Domestic Developments ......................................................................... 8 Labour Relations and Trade Unions ...................................................... 11 5. FES Cyprus Events ................................................................................. 11 FES NEWS - please follow and visit us on - Twitter.com/FESCyprus - www.FEScyprus.org - www.facebook.com/FEScyprus For subscription to this free newsletter please send an email to [email protected] * In order to avoid misunderstandings, we decided to indicate the reporting-month rather
    [Show full text]
  • Cyprus: Status of U.N. Negotiations
    Order Code IB89140 CRS Issue Brief for Congress Received through the CRS Web Cyprus: Status of U.N. Negotiations Updated May 19, 2005 Carol Migdalovitz Foreign Affairs, Defense, and Trade Division Congressional Research Service ˜ The Library of Congress CONTENTS SUMMARY MOST RECENT DEVELOPMENTS BACKGROUND AND ANALYSIS Past Settlement Efforts 1977 Makarios-Denktash Meeting 1979 Kyprianou-Denktash Communique 1984 Proximity Talks 1985-86 U.N. Draft Framework Exercise 1988-89 Talks March 1990 - April 1992 Set of Ideas Confidence-Building Measures Proximity Talks Developments, 2002-2003 November 11, 2002, Annan Plan 2004 Referenda and After Other Factors Affecting the Talks Domestic Politics in Cyprus Policies of Greece and Turkey European Union U.N. Peacekeeping Forces U.S. Policy IB89140 05-19-05 Cyprus: Status of U.N. Negotiations SUMMARY Cyprus has been divided since 1974. gave the two leaders his “observations” on Greek Cypriots, nearly 80% of the population, substance and procedure. In reaction, live in the southern two-thirds of the island. Denktash withdrew from talks. He and Turkish Cypriots live in the “Turkish Republic Clerides met on Cyprus on December 4, 2001, of Northern Cyprus” (TRNC, recognized only and began direct talks on January 16, 2002. by Turkey), with about 36,000 Turkish troops On November 11, Annan submitted a compre- providing security. United Nations (U.N.) hensive settlement plan based on Swiss and peacekeeping forces maintain a buffer zone Belgian models. Greek Cypriots and Turkish between the two. Since the late 1970s, the Cypriots failed to agree on it at an EU summit U.N., with U.S.
    [Show full text]
  • The Case of the Kykkos Monastery
    Religions 2010, 1, 54-77; doi:10.3390/rel1010054 OPEN ACCESS religions ISSN 2077-1444 www.mdpi.com/journal/religions Article Economic Functions of Monasticism in Cyprus: The Case of the Kykkos Monastery Victor Roudometof 1,* and Michalis N. Michael 2 1 Department of Social and Political Sciences, University of Cyprus, PO Box 20537, Nicosia 1678, Cyprus 2 Department of Turkish and Middle Eastern Studies, University of Cyprus, PO Box 20537, Nicosia 1678, Cyprus; E-Mail: [email protected] * Author to whom correspondence should be addressed: E-Mail: [email protected]. Received: 9 October 2010; in revised form: 18 November 2010 / Accepted: 25 November 2010 / Published: 1 December 2010 Abstract: The article presents a comprehensive overview of the various economic activities performed by the Kykkos Monastery in Cyprus in its long history (11th–20th centuries). The article begins with a brief review of the early centuries of Cypriot monasticism and the foundation of the monastery in the 11th century. Then, the analysis focuses on the economic activities performed during the period of the Ottoman rule (1571–1878). Using primary sources from the monastery’s archives, this section offers an overview of the various types of monastic land holdings in the Ottoman era and the strategies used to purchase them. Using 19th century primary sources, it further presents a detailed account of the multifaceted involvement and illustrates the prominent role of the monastery in the island’s economic life (land ownership, stockbreeding activities, lending of money, etc.). Next, it examines the changes in monastic possessions caused by the legislation enacted by the post-1878 British colonial administration.
    [Show full text]
  • Cypriot Nationalisms in Context
    CYPRIOT NATIONALISMS IN CONTEXT EDITED BY THEKLA KYRITSI NIKOS CHRISTOFIS Cypriot Nationalisms in Context Thekla Kyritsi · Nikos Christofs Editors Cypriot Nationalisms in Context History, Identity and Politics Editors Thekla Kyritsi Nikos Christofs Political Science and History Center for Turkish Studies and School Panteion University of Social of History and Civilization and Political Sciences Shaanxi Normal University Athens, Greece Xi’an, China ISBN 978-3-319-97803-1 ISBN 978-3-319-97804-8 (eBook) https://doi.org/10.1007/978-3-319-97804-8 Library of Congress Control Number: 2018950734 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifcally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microflms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specifc statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made.
    [Show full text]
  • Appendix 1 Arend Lijphart’S Schematic Presentation of Principal Propositions of Consociational Theory
    Appendix 1 Arend Lijphart’s Schematic Presentation of Principal Propositions of Consociational Theory Source: Arend Lijphart, Power-Sharing in South Africa, policy papers in International Affairs, no. 24, Berkeley: Institute of International Studies, University of California, 1985 p. 85. 177 Appendix 2 Cypriot Population Distribution: 1960 Source: Richard A. Patrick, Political Geography and the Cyprus Conflict: 1963–1971, Ontario, University of Waterloo, 1976 p. 10. 178 Appendix 3 Greek Cypriot Political Parties Major Greek Cypriot political parties Recent parliamentary Party Ideology Alliances vote % Foundation of party AKEL Communist DIKO, EDEK 2006: 31.1% 1926 as KKK, banned 2001: 34.7% in 1931 by the British government; Re-formed 1941 as AKEL. DISY Centre-right EDI, Liberal 2006: 31.4% 1976 as a result of split 2001: 34.0% with President Makarios. Traditionally houses EOKA and EOKA B supporters. DIKO Centre-right AKEL, EDEK 2006: 19.9% 1976 Founded by second 2001: 14.8% president, Spyros Kyprianou. EDEK Social-Democrat DIKO, AKEL 2006: 8.9% 1970 by Vassos Lyssarides, (Centre-left) 2001: 6.5% personal physician of Archbishop Makarios. Traditionally houses supporters of Makarios and Lyssarides’ 1964 group of fighters against Turkish Cypriots. EDI Liberal DISY 2006: 1.6% 1993 as Movement 2001: 2.6% of Free Democrats by third president Georgos Vassiliou; Later merged with ex-AKEL members ADISOK to form EDI. Sources: Republic of Cyprus Press and Information Office; personal interviews of author. 179 180 Appendices Previous presidents of the Republic of Cyprus President Term of office Party Archbishop Makarios 1960–77 None Spiros Kyprianou 1977–88 DIKO George Vassiliou 1988–93 EDI Glafkos Clerides 1993–2003 DISY Tassos Papadopoulos 2003–8 DIKO Demetris Christofias 2008 AKEL Source: Republic of Cyprus Press and Information Office.
    [Show full text]
  • Cyprus National Reform Programme 2020
    EUROPE 2020 CYPRUS NATIONAL REFORM PROGRAMME APRIL 2020 TABLE OF CONTENTS 1. INTRODUCTION 1 Overall strategy and policy initiatives in response to COVID-19 2 2. MACROECONOMIC CONTEXT AND SCENARIO 15 3. KEY POLICY RESPONSE TO MAJOR ECONOMIC CHALLENGES 19 PART A - REFORMS AND OTHER MEASURES RELATED TO COUNTRY SPECIFIC RECOMMENDATIONS 19 3.1. Public administration efficiency, SOEs governance, local government reforms and aggressive tax planning ...................................................................................................... 19 3.2. Non-performing loans, state-owned asset management company, credit acquiring companies, non-bank financial sector 31 3.3. Public employment services, education and training system, affordable childhood education and care, National Health System 37 3.4. Investment-related economic policy (transport, environment, digitalization, research and innovation), permits and licenses for strategic investors, finance for small and medium-sizes enterprises and privatization projects 54 3.5. Judicial system, legal enforcement of claims, issuance and transfer of title deeds and immovable property rights and anti-corruption reforms 75 PART B – OVERALL INVESTMENT STRATEGY 84 Overall Investment Priorities 84 Investment priorities under ESIF 2021-2027 85 4. UTILISATION OF EU FUNDS 90 5. INSTITUTIONAL ISSUES AND STAKEHOLDER INVOLVEMENT 95 1. INTRODUCTION The National Reform Programme (NRP) for 2020 is submitted at a highly challenging period following the outbreak of the COVID -19 crisis. The NRP was largely
    [Show full text]